Financing
#EndSARS: VP Osinbajo urges States to send judicial panels’ progress reports
As plans for next year’s budget begins to gather pace, the National Economic Council (NEC) has endorsed the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) which was presented to it at an emergency meeting of the Council today. Besides the MTEF presentation, the NEC also updated its focus on the reports of the State Judicial Panels set up across the country after last year’s #EndSARS protests. Vice President Yemi Osinbajo, SAN, urged States where the panels are still sitting to also send interim reports so as to measure progress. According to the Vice President, in a statement by his media aide Laolu Akande, the reports are now being received ahead of a Council meeting where presentations would be made on them, both for States where the panels have conclude...
WHO seeks G7 support to meet vaccination targets
The Director-General, World Health Organisation (WHO), Dr Tedros Ghebreyesus has solicited the support of G7 health ministers to meet vaccination targets by the end of the year. In his remarks at the G7 Health Ministers’ meeting in Oxford, Ghebreyesus appealed to the ministers to provide leadership for strengthening WHO on sustainable financing. “First, we seek your support for reaching our vaccination targets for September and the end of the year; sharing doses with COVAX now is essential for achieving those targets. “We need 250 million doses by September and we need 100 million doses just in June and July. “As G7 nations, you are in a unique position to pool doses and make this happen; second, we seek your leadership for strengthening WHO, including through sustainable and predictable f...
IMF, World Bank urge G7 to release surplus vaccines
The heads of the International Monetary Fund and World Bank on Thursday urged the Group of Seven advanced economies to release any excess COVID-19 vaccines to developing countries as soon as possible, and called on manufacturers to ramp up production. In a joint statement to the G7, IMF Managing Director Kristalina Georgieva and World Bank President David Malpass also called on governments, pharmaceutical companies and groups involved in vaccine procurement to boost transparency about contracting, financing and deliveries. “Distributing vaccines more widely is both an urgent economic necessity and a moral imperative,” they said. “The coronavirus pandemic will not end until everyone has access to vaccines, including people in developing countries.” Malpass and Georgieva will meet in person ...
France, African leaders push to redirect $100 billion in IMF SDR reserves by October
French President Emmanuel Macron said on Tuesday a summit in Paris on Africa financing had agreed to work towards persuading rich nations by October to reallocate $100 billion in IMF special drawing rights monetary reserves to African states. Impoverished African economies must not be left behind in the post-pandemic economic recovery and a substantial financial package is needed to provide much-needed economic stimulus, African and European leaders concluded at a summit in Paris. In the immediate term, that meant accelerating the COVID-19 vaccine rollout and creating the fiscal breathing room for African nations, which will face a spending shortfall of some $285 billion over the next two years, the summit communique showed. The communique set out a two-pronged response based on addressing...
IMF, World Bank advocate flexible fiscal support, debt relief
Against the backdrop of a pandemic impacted global and national economies, the International Monetary Fund (IMF) and World Bank have urged fiscal authorities to execute flexible and supportive fiscal policies to support economic recovery and cushion the long-term impact of the pandemic. In a paper that was titled: ‘Tailoring Government Support’, IMF staff said until the pandemic is brought under control, fiscal policy will have to remain flexible and supportive. It advised governments to prioritize certain policy measures that include targeted support to vulnerable households, investment in health system and more focused support to viable firms, warning that if the pandemic persists, widespread corporate insolvencies could result, destroying millions of jobs, particularly in contact-intens...
Abia governor promises delivery of more road projects
Gov. Okezie Ikpeazu of Abia on Tuesday expressed the readiness of his administration to facilitate the delivery of more road projects in Aba and the state. Ikpeazu said this while inspecting the ongoing reconstruction of Port Harcourt Road, as part of the resumption of a statewide-project-inspection programme, tagged “Kinetic Abia Project Tour” in Aba. He said that the government would deliver high quality roads as part of its efforts to rebuild Aba and improve the wellbeing of its residents. He appealed to the residents to support the government to achieve its goal of transforming Aba by assisting the contractors handling the projects and protecting the infrastructure. The governor said that he would remain irrevocably committed to changing the narratives of Aba in the area of infrastruct...
Nigerian government approves new debt management strategy
The Federal Executive Council (FEC) has approved a new Medium-Term Debt Management Strategy for Nigeria (MTDS) for the period 2020-2023. With the approval, announced during Wednesday’s virtual FEC meeting, the DMO which is saddled with managing the nation’s debt matters, has promised full implementation to support economic development while ensuring that public debt is sustainable. The MTDS is a policy document which provides a guide to the borrowing activities of the government in the medium-term, usually four years. It is recognised as one of the best practices in public debt management and is recommended by the World Bank and International Monetary Fund (IMF) to ensure that public debt management is driven by a well-articulated strategy that is structured to meet a country’s broader mac...
DR Congo’s president becomes African Union chairman
The DRC’s President Félix Tshisekedi has now taken over the helm of the African Union to serve as the chairman for one-year. He replaces his South African counterpart Cyril Ramaphosa, following the AU’s 34th summit on Saturday. But Tshisekedi faces big challenges this year with the coronavirus pandemic hitting health service and economies hard. The continent has so far been hit less hard than other regions, recording 3.5 percent of global virus cases and 4 percent of global deaths, according to the Africa Centres for Disease Control and Prevention (Africa CDC). But many African countries are battling damaging second waves while straining to procure sufficient vaccine doses. African leaders are speaking out against hoarding by rich countries at the expense of poorer ones. “There is a vaccin...
Edo, NEWMAP to acquire hydromet flood early warning system
Determined to tackle the perennial problem of flooding in Edo State during the rainy season, the state government has finalised a plan for the procurement and installation of hydromet flood early warning system, automatic and manual weather stations and DCP-Data collection platform for river gauging throughout the state. The post Edo, NEWMAP to acquire hydromet flood early warning system appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
AfDB grants $11.26 million for women, girls’ education in Chad
The Board of Directors of the African Development Bank has approved a grant of $11.26 million to the Government of Chad to finance the Girls’ Education and Women’s Literacy Project – the bank’s first grant exclusively targeting women and girls. The project will be financed from the Bank’s Transition Support Facility and will be implemented over a five-year period by the Chadian Ministry of National Education and Civic Promotion, in coordination with partners involved in the education sector, civil society organisations, and youth organisations. The Chadian government will contribute a non-monetary contribution of $713,000 towards the program. “Through this financing, the African Development Bank is providing support to the Chadian government to reduce inequalities through access to educati...
NNPC seeks $1 billion funding to revive PHC refinery
The Nigerian National Petroleum Corporation, NNPC, is currently shopping for $1 billion to revamp Nigeria’s biggest refinery located in Port Harcourt, Rivers State. To realise its plans, the nation’s oil company is already in high-level discussion to raise the money via a prepayment deal with trading firms. If the financing is successful, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through deliveries of Nigerian crude and products from the refinery once the refurbis...
Nigerian government assures on completion of Abuja-Zaria-Kano dual carriageway
Minister of Works and Housing, Mr Babatunde Fashola SAN has reiterated the commitment of the Federal Government to completing the on going reconstruction of the Abuja-Kaduna-Zaria-Kano dual carriageway. The post Nigerian government assures on completion of Abuja-Zaria-Kano dual carriageway appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
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